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Sales of new single-family homes set 15-year record in January

Sales of new single-family homes set 15-year record in January
Business
The search for more space indoors and out has continued into the new year with single-family houses continuing to dominate new-construction home sales in January.

The 1,506 detached homes, semi-detached homes and townhouses sold in January in the Toronto area was the highest number for that month since 2006, said the Building Industry and Land Development Association (BILD).

There were 660 detached house sales with a benchmark price of $1.79 million. Nearly half of those, 302, were sold in York Region.

The 51 per cent year-over-year increase in transactions was 66 per cent above the 10-year average for what is traditionally a slow month in new-home sales.

The benchmark price for new single-family homes rose 24.2 per cent year over year, to $1.36 million.

Condo prices also rose 10.4 per cent compared to last January, to a benchmark of $1.02 million. Measured on a per-square-foot basis, condo prices rose 8.5 per cent year over year to a benchmark $506, compared to $419 in January 2020.

There were 665 new condos sold. The category that includes apartments was down 39 per cent compared to sales in January 2020 — that was 28 per cent below the 10-year average. In January 2017, there were 1,606 condos sold.

The combined sales of ground-level homes and condos sold in January was four per cent above sales in the same month last year.

“The 2021 new-home market has started the year where it left off in 2020, with strong demand continuing for single-family homes and fewer new condominium apartment openings, which impacted condominium sales volumes,” said Ryan Wyse, manager of analytics, data solutions for Altus Group, the company that tracks new-home sales and prices for BILD.

“Given the ongoing pandemic and uncertainty, it’s not surprising to see few new project openings this early in the year,” he said.

That has served to reduce the inventory of new-construction homes available for sale in the Greater Toronto Area to 12,774, down from 13,171 in December, said BILD. Inventory includes homes under construction, pre-construction units and those in completed buildings.
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